Charitable Status– Charitable status is important for any project as it not only enables tax receipts to individual donors but opens up the whole world of donations from Churches, Foundations, and community groups like Rotary Clubs. These groups cannot give directly to a project unless it is through a qualified donee (another registered charity). CRA deems that churches, foundations and community groups that give directly to a project that is not managed directly by them are considered as “Conduits” and could lose their charitable status. By having charitable status under Devxchange the lead member has access to significant funding through these major donor organizations as Devxchange is a “qualified donee” according to CRA regulations.
Tax Receipts– Donors receive tax receipts for all donations to the lead member’s project.
Monthly Financial Reports– Monthly reports are provided with donors and their addresses. A fund balance report is also provided showing the existing fund balance in the account.
Overseas Transfers– Facilitate overseas wire transfers for the projects. This in itself can save a lead member significantly. Some lead members report that prior to joining Devxchange it was costing them 11% to send funds through Western Union or other transfer means so that having Devxchange handle the transfers saves them money even with the 7% admin fee. Devxchange buys funds on the Foreign Exchange markets using Canadian dollars and transfers the funds in local currency thus saving up to 5 % in currency conversions. Just in transfers alone Devxchange can save a lead member 11 to 16% in getting money to the project so the 7% admin fee is an absolute bargain.
Joint Fundraisers– Devxchange helps to facilitate one or two joint fundraisers every year where lead members can participate by having a project booth, inviting potential donors, and sharing the costs of a fundraiser among multiple lead members.
Foundation Database– Access to a Foundation database that can be searched to find foundations specifically whose area of interest relates to the lead member’s project.
Accountability– Devxchange provides accountability to the donors by following up project reports and transfers and keeping accurate financial records. This gives donors peace of mind and accurate reporting on their donations. Evaluations are scheduled and completed for each project as well that provides feedback and identifies areas where the project can be strengthened.
Preauthorized Donations– Devxchange can set up monthly pre-authorized donations directly from a donors bank account. This is very useful for monthly sponsorships or long term volunteers raising funds for overseas assignments.